Money Creation: Genesis 1: Before the Goldsmith-Bankers

16 Pages Posted: 6 Apr 2013

Date Written: April 4, 2013

Abstract

It is a well-establish opinion that money creation has its genesis in the loan activities of the goldsmith-bankers in seventeenth-century London. This is accurate for bank note money, which had its origin in the receipts for precious metal deposits issued by the goldsmith-bankers. However, money creation began in the age before this historic innovation of the goldsmith-bankers.

Keywords: Money, money creation, central banking, banking, monetary policy, economic history

JEL Classification: A22, B15, E42, E51, E52, G21, N13

Suggested Citation

Faure, Alexander Pierre, Money Creation: Genesis 1: Before the Goldsmith-Bankers (April 4, 2013). Available at SSRN: https://ssrn.com/abstract=2244998 or http://dx.doi.org/10.2139/ssrn.2244998

Alexander Pierre Faure (Contact Author)

Rhodes University ( email )

Fine Art Department
Rhodes University, PO Box 94
Grahamstown 6140, Eastern cape 6140
South Africa
+27466038301 (Phone)
+27866721344 (Fax)

HOME PAGE: http://ru.ac.za

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